The Houston-based integrated investment and merchant bank Tudor, Pickering, Holt & Co. (TPH) has reportedly announced to have teamed up with the new oil, gas and energy division of Google. As per trusted sources, the partnership would solidify the connection of the energy sector to Silicon Valley in line with its efforts to reinvent itself for the 21st century.
Through the partnership, Google will get a more prominent presence in Houston as one of its oldest industries tries to save costs post the oil bust and stay competitive in the wake of growing market share of electric vehicles and renewable energy sources. The energy unit of Google, which is located in California with an office in Austin, has been establishing its business in Houston from a distance.
Darryl Willis, Vice President of Google’s energy division, reportedly stated that Houston is the epicenter for all things energy. The new division of the company, which provides data analytics and cloud computing services to energy companies, would establish an office in Houston given that it develops a local customer base, Willis added.
As per economic development officials, the partnership would prove that the city is open to Silicon Valley disruption as it tries establishing a start-up environment that would nurture new cutting-edge companies to assist digital transition within the energy sector.
According to sources familiar with the matter, Houston has depicted progress since it fell short to make it to the shortlist of Amazon last year. The rejection led the leaders and budding startup community of the city to develop an innovation district with an aim to foster collaboration among local universities, tech incubators, and business districts.
Reportedly, the partnership with Google would help TPH in enhancing its advisory services to energy industry clients willing to become more efficient by adopting emerging technologies.
Sources cite that the tech giant is looking to sell its cloud services to energy majors as well as small companies creating new ways to utilize the vast trove of data.